As the trading continues in the first week of the New Year, there are some stocks that are on the radars of investors in a big way, and one of those is the Morgan Group Holding Co. (OTC: MGHL) stock. On December 31, the company was in the news cycle following a key announcement about a potential private placement.
Intended Private Placement
In the news release, the company announced that it had plans of concluding a private placement of one million shares of its common stock to The LGL Group Inc. It was also noted that the shares were going to be offered for the price of $2.27 each. The company also revealed that LGL Group was a holding company that had been incorporated in Delaware and was engaged in merchant investment, services, and manufacturing business-related activities.
Further Details
The offering is expected to be closed in around 30 days and would also be subject to a go-shop period of 30 days. If the offering is closed, Morgan Group Holding would have a total of 1,600,900 outstanding shares. It was revealed that the company’s board of directors believed that the capital infusion would be in the best interests of the company as well as its shareholders.
